The Cable also opened with a gap to the upside but the rest of the day didn’t bring other major developments and the fact that UK didn’t release any news or economic data generated an uneventful trading session.
Technical Outlook
As we saw yesterday, price started to move to the down side in an attempt to close the gap we talked about. It is very possible the gap will be closed today but after that, the next move is uncertain: price created a double top at 1.5960, which is a bearish pattern, but the important level of 1.5850 might push price higher if the bearish movement continues and price touches this level.
Fundamental Outlook
The United Kingdom will release today at 08:30 am GMT the Consumer Price Index which shows the change in prices paid by consumers for the goods and services they purchase. A higher value indicates that inflation is rising and is usually perceived as bullish for the Pound by market participants. For today’s release the anticipated number is 2.7%, a decrease from the previous 2.8%.
Written by: Bogdan Giulvezan
Technical Outlook
As we saw yesterday, price started to move to the down side in an attempt to close the gap we talked about. It is very possible the gap will be closed today but after that, the next move is uncertain: price created a double top at 1.5960, which is a bearish pattern, but the important level of 1.5850 might push price higher if the bearish movement continues and price touches this level.
Fundamental Outlook
The United Kingdom will release today at 08:30 am GMT the Consumer Price Index which shows the change in prices paid by consumers for the goods and services they purchase. A higher value indicates that inflation is rising and is usually perceived as bullish for the Pound by market participants. For today’s release the anticipated number is 2.7%, a decrease from the previous 2.8%.
Written by: Bogdan Giulvezan
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